Catena (Buy, TP: SEK575.00) - Projects in progress on the rise
The Q1 results were solid and PFPM was right in line with Infront consensus. We are optimistic about getting WDP as a shareholder and on the board, and we see potential for synergies (although we believe the issue price is somewhat low). We have cut our 2023–2024e EPS by 7–9% following the 10% dilution, acquisitions and rising rates forecast. We reiterate our BUY and have tweaked our NAV-based target price to SEK575 (565) on expectations of higher developments gains.Cantena is a property management company. Co.'s property portfolio consists of two properties in Haga Norra in Solna, outside Stockholm.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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